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SMSF DIY Guide: Everything you need to successfully set up and run your own Self Managed Superannuation Fund

Book Description

Straightforward and easy-to-understand guide to the basics of self managed super funds

The SMSF DIY Guide is an authoritative, up-to-date and accessible guide to the pros and cons of running a self managed super fund. In plain English, financial advisor, Sam Henderson tells you what you need to know to set up and run a SMSF and ensure that all members fully meet their legal obligations, while outlining proven investment strategies, including those for shares, property, gearing and fixed interest.

  • Filled with practical, how-to information, supplemented with real life case studies

  • Covers all the bases, including setting up and administering a compliant fund, asset allocation and investments, risk management and insurance, retirement and eliminating tax, financial planning, estate planning, tax reduction strategies and much more

  • Steps you through the process of creating your own one-page financial plan outlining your investment strategy.

  • Written by one of Australia's most well known and respected financial advisors

Table of Contents

  1. Cover
  2. Table of Contents
  3. Title Page
  4. Foreword
  5. Chapter 1: Superannuation basics
    1. What superannuation is - and is not
    2. Why you need superannuation
    3. Yes, superannuation can be confusing
    4. Contributions - getting money into superannuation
    5. How to get money out of super
    6. Key points
  6. Chapter 2: Is a self managed super fund right for you?
    1. What is a self managed super fund?
    2. Why is the number of SMSFs growing so rapidly?
    3. How an SMSF can save you money
    4. Advantages and disadvantages of an SMSF
    5. How much money do you need to set up an SMSF?
    6. Other types of superannuation funds
    7. Super choice: moving from one fund to another
    8. Key points
  7. Chapter 3: Setting up a self managed super fund
    1. How easy is it to set up and run an SMSF?
    2. What will I call the fund?
    3. What is a trust deed?
    4. What is a trustee?
    5. Types of structure for an SMSF
    6. Who can be a member and a trustee?
    7. How many members will the fund have?
    8. What are binding nominations of beneficiaries?
    9. Opening a bank account
    10. How to roll your funds over into your new SMSF
    11. Key points
  8. Chapter 4: Running a compliant fund
    1. What will happen when you get it wrong
    2. Following the rules
    3. Arm's length transactions
    4. What you need to do next
    5. Investment strategy
    6. Record keeping and minutes
    7. Accounting
    8. Where to get help
    9. Key points
  9. Chapter 5: Types of investment
    1. Income and growth
    2. Cash
    3. Fixed interest
    4. Shares
    5. Property
    6. Derivatives
    7. Key points
  10. Chapter 6: Portfolio management and asset allocation
    1. Your risk profile
    2. Risk management
    3. Key points
  11. Chapter 7: Borrowing in super to buy shares or property
    1. How borrowing works in super
    2. Self-funding instalment warrants to purchase shares
    3. Using instalment warrants to purchase property
    4. Conditions of borrowing money in your SMSF
    5. Buying property in your SMSF versus in your own name
    6. What type of property can a self managed superannuation fund own?
    7. Key points
  12. Chapter 8: Risk management and insurance in your fund
    1. What personal insurance is available?
    2. Key points
  13. Chapter 9: Pre-retirement planning and dealing with redundancy
    1. The importance of pre-retirement planning
    2. What is retirement?
    3. When to retire
    4. Holidays and long service leave - take it or leave it
    5. Planning for retirement and major expenses
    6. How much will I need to retire?
    7. Structuring your investments for retirement
    8. Tips to boost your super before retirement
    9. Redundancy
    10. Transition to retirement income stream
    11. Key points
  14. Chapter 10: Retirement and how to eliminate tax forever
    1. Can I go back to work after I retire?
    2. Can I contribute to super if I retire?
    3. Types of retirement benefits
    4. Account-based pensions
    5. Re-contribution strategy
    6. What if one partner has a pension and the other is in accumulation mode?
    7. How to set up your account-based pension
    8. What happens to my transition to retirement income stream (TRIS) at retirement?
    9. The Age Pension
    10. Key points
  15. Chapter 11: Estate planning
    1. What assets can be covered by your will?
    2. What is a binding nomination of beneficiaries?
    3. Wills
    4. Testamentary trusts
    5. Power of attorney
    6. Key points
  16. Chapter 12: 10 strategies to reduce your tax and boost your super
    1. Strategy 1: salary sacrifice to reduce income tax and boost your super
    2. Strategy 2: co-contributions - it's money for nothing!
    3. Strategy 3: small business CGT exemptions - pay no CGT on the sale of your business
    4. Strategy 4: use a transition to retirement income stream to reduce tax and increase super
    5. Strategy 5: account-based pensions - a no-tax investment environment
    6. Strategy 6: re-contribution strategy to reduce tax for under-60s and the death tax
    7. Strategy 7: reduce your capital gains tax and maximise your super
    8. Strategy 8: super splitting to even up a couple's super balances and reduce tax
    9. Strategy 9: borrowing to buy property in your super fund
    10. Strategy 10: borrow to buy shares in your SMSF and use your dividends to pay off the debt
    11. Using and combining these strategies
    12. Key points
  17. Chapter 13: Financial planning and next steps
    1. Financial planning
    2. Seven steps to financial success
    3. Step 1: build your team
    4. Step 2: where are you now?
    5. Step 3: your goals and objectives - where do you want to be?
    6. Step 4: what do you need to do to get there?
    7. Step 5: how will the strategies be implemented?
    8. Step 6: implementation - just do it!
    9. Step 7: review and adjust
    10. The one-page financial plan
    11. Key points